FG to reduce dependence on external debt financing

The Federal Government has informed the World Bank of its desire to reduce Nigeria’s dependence on external debt financing as part of a broader strategy to explore alternative funding sources beyond traditional multilateral loans.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the disclosure on Monday, during a meeting with the World Bank Executive Director, Zainab Ahmed.

He reiterated the government’s focus on fostering a business-friendly environment that attracts sustainable investments and drives private sector-led growth.

The Minister assured the World Bank that President Bola Tinubu remains focused on strengthening Nigeria’s economic foundation, reducing reliance on external borrowing, and promoting long-term economic growth through private sector investments.